YTL Corporation Berhad's net profit jumped by 235 per cent to RM659.4 million for the quarter ended March 31, 2023 (Q3FY23) from RM196.6 million for the preceding three months ended Dec 31, 2022.
Pre-tax profit surged by 185 per cent to RM815.8 million in the quarter under review, compared to RM286.6 million in the preceding three months ended December 31, 2022.
Revenue grew 11 per cent to RM7.33 billion in Q3FY23, up from RM6.592 billion in the previous quarter ended Dec 31, 2022.
Tan Sri (Sir) Francis Yeoh Sock Ping, executive chairman of YTL Corp, said that the group's profits improved in the quarter under review, with practically all business segments performing better.
Yeoh said that the group's utilities section had exponential growth, while its cement division performed well due to increasing demand and better selling prices.
In tandem with the continued recovery of the global tourist industry, the hotels' segment has also continued to show positive turnaround, he added in a statement.
Yeoh said that the group's EBITDA (earnings before interest, tax, depreciation, and amortisation) climbed by 10 per cent to RM4.3 billion for the nine months ended March 31, 2023 (9MFY2023), up from RM3.9 billion in the same period last year.
Revenue climbed 13 per cent to RM20.41 billion in 9MFY2023, compared to RM18.09 billion in the previous similar quarter ending March 31, 2022.
Pre-tax profit increased 183 per cent to RM1.306 billion for the nine months of its fiscal year 2023, up from RM461 million in the same period last year (after adjusting principally for a one-time gain of RM923.9 million from the sale of the investment in ElectraNet).
YTL Power Bhd increased revenue by 14 per cent to RM5.358 billion in Q1FY2023, compared to RM4.702 billion in the preceding quarter ended Dec 31, 2022.
Pre-tax profit climbed by 138 per cent to RM610.4 million in Q3FY23, compared to RM255.9 million the previous quarter, while pre-tax profit increased by 166 per cent to RM507.6 million, compared to RM190.7 million.
According to Yeoh, the large improvement in results was mostly due to improved performance in the power generation category.
Malayan Cement Bhd's revenue climbed 10 per cent in Q1FY2023, to RM990.7 million, from RM897.0 million in the previous quarter ended Dec 31, 2022.
Pre-tax profit increased 306 per cent to RM98.7 million in Q1FY2023, up from RM24.3 million in the previous quarter, while net profit increased 313 per cent to RM63.3 million, up from RM15.3 million in the previous three months ending Dec 2022.
"The strong results were due mainly to improvements in both the volume and selling price of domestic cement, coupled with the better ready-mixed concrete selling price for the period under review," said Yeoh.